Sen. Bernie Sanders, I-Vt., said Thursday he will introduce legislation when Congress reconvenes to establish a Social Security tax for high-earning workers, hoping to buffer the entitlement program from benefits cuts.
Social Security "is facing an unprecedented attack" from both Democrats and Republicans to scale back payments and eligibility, Sanders said. His proposed legislation would institute a Social Security tax on wage earners making $250,000 or more annually. Under current law, the maximum taxable earnings subject to the Social Security tax is $106,800. Sanders argued that workers making $1 million or more a year pay just as much in Social Security taxes as a worker making $106,800.